Silver Standard announces public offering of common shares

    VANCOUVER, Feb. 23 /CNW/ - Silver Standard Resources Inc. has filed a
preliminary prospectus supplement to its existing short form base shelf
prospectus with the securities commissions in each of the provinces of Canada,
other than Québec, Newfoundland and Labrador and Prince Edward Island, and has
made a similar filing with the United States Securities and Exchange
Commission in connection with a public offering of its common shares to raise
gross proceeds of approximately US$80 million (the "Offering").
    The company will also grant to the underwriters of the Offering an
option, exercisable for a period of 30 days following the closing of the
Offering, to purchase additional common shares for additional gross proceeds
of up to approximately US$12 million.
    The company intends to use the net proceeds from this Offering for the
development of mineral properties, working capital requirements, to repay
indebtedness outstanding from time to time or for other general corporate
    UBS Securities Canada Inc. will act as lead manager and sole book runner
of the Offering.
    A copy of the preliminary prospectus supplement and the short form base
shelf prospectus may be obtained in Canada from UBS Securities Canada Inc. at
161 Bay Street, Suite 4100, Toronto, Ontario M5J 2S1 (416 364-2201 telephone)
or in the United States from UBS Securities LLC at 299 Park Avenue, New York,
NY 10171 (212-821-3000 telephone).
    This news release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of these
securities in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state.

    Forward Looking Statements: Statements in this news release relating to
the preliminary prospectus supplement and the corresponding filing in the
United States, the proposed offering and the anticipated use of proceeds are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are statements that
are not historical facts and that are subject to a variety of risks and
uncertainties which could cause actual events or results to differ materially
from those reflected in the forward-looking statements. Such risks and
uncertainties include, but are not limited to, the need to negotiate an
underwriting agreement with the underwriters and to satisfy the conditions set
forth therein; the need to satisfy regulatory and legal requirements with
respect to the proposed offering; the company's ability to raise sufficient
capital to fund development; changes in economic conditions or financial
markets; changes in prices for the company's mineral products or increases in
input costs; litigation, legislative, environmental and other judicial,
regulatory, political and competitive developments in Argentina, Australia,
Canada, Chile, Mexico, Peru, the United States and other jurisdictions in
which the company may carry on business; technological and operational
difficulties or inability to obtain permits encountered in connection with
exploration and development activities; labour relations matters; and changing
foreign exchange rates, all of which are described more fully in the company's
filings with the Securities and Exchange Commission.

    (Source: Silver Standard Resources Inc.)

For further information:

For further information: Robert A. Quartermain, President & CEO, Silver
Standard Resources Inc., Vancouver, B.C., (604) 689-3846; Paul LaFontaine,
Director, Investor Relations, Silver Standard Resources Inc., Vancouver, B.C.,
N.A toll-free: (888) 338-0046, Direct: (604) 484-8212, E-Mail:

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